The Sri Lankan Cabinet on Wednesday approved a proposal to draft the required legislation to establish a financial city in Colombo as part of a Chinese-funded port city project, an official said.
The government said the key objective of the proposed financial city is to become the prominent financial hub in the region to attract foreign investments from South Asian and Middle East region as well as from European countries.
It will also provide broad opportunities of employment for Sri Lankans, Xinhua news agency quoted an official as saying following the weekly Cabinet meeting.
The Cabinet approved the proposal made by Prime Minister Ranil Wickremesinghe, in his capacity as Minister of National Policies and Economic Affairs, to implement the project under the supervision of the Ministry of National Policies and Economic Affairs, to draft legislation for establishment of the Financial City and to obtain required legal services in this regard.
The Chinese-funded port city is being constructed near the main port in Colombo.